Cayman Islands vs Malta: which jurisdiction wins?

Cayman Islands vs Malta — both credible, very different trade-offs. Below: side-by-side on the variables that actually move the decision.

	Cayman Islands	Malta
Tax headline	0% corporate, capital gains, and income tax	35% headline, ~5% effective via refund system
Formation days	5	7
First-year cost	$4,200	$4,500
Treaties	Limited	70+
Substance	Economic Substance Law applies to relevant activities	EU substance requirements + DAC6
Banking	Top-tier prime brokerage and crypto-friendly banking via Cayman National & private banks	Bank of Valletta, APS, plus EU EMIs

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